Monthly Closings

The following information will help you to prepare for each month-end general ledger closing. If you require assistance as you request and print monthly statements and detail reports, or have questions regarding the closing, please contact the RIT Service Center or by calling 585-475-5000

The Controller’s Office Web Page is a great reference for information regarding Accounting, Oracle, Payroll, SPA Accounting, Travel Information, and Procurement Card Information. Many forms are available on the web page also. Please visit the Controller’s Office Web Page.

• Day 1 - Select the proper period date and use proper batch name when creating journal entries for the prior month-end. If you do not change the date, it will default to the current month and the JE will not post in the correct month-end. Month-end journal entries created and posted after last day of month, must be named using the last day of month; for example; MMDD-XX, 151ABC1031-11.
  • Accounts Payable close: Effective October 2024, the Accounts Payable (A/P) closing has moved to Day 1. This change ensures timely closing and provides sufficient time for the Finance and Accounting teams to complete essential activities that depend on the A/P close.
• Day 2 - All journal entries due to Accounting by 4:30 p.m.
• Day 3 - 8:30 a.m. - Active Pay transactions posted to ledger.
  • 1:00 p.m. - Accounts Receivable closes.
• Day 4 - Accounting Operations performs month-end closing process. Closing starts at 9:00 AM.
• Day 5 - Department statements available when month closed, approx. 12pm, unless otherwise notified (see closing status below).

Access to Oracle eBiz is available from https://mybiz.rit.edu/. Please note that a VPN connection is required when accessing the system from off campus. If you are generating Oracle reports that cover a date range longer than one year or include multiple departments, object codes, or projects, you should schedule these reports to run outside of core business hours. This is especially important for reports in the Account Analysis with Subledger Detail family and the Payroll Distribution Report. Reports that run for more than 30 minutes during core business hours will be terminated. If your report is terminated, you will receive an email notification and will need to reschedule the report to run during non-core hours.